Sibur said the move will create Europe’s leading BOPP film producer, adding that joint efforts with Manucor’s sales team will spur new opportunities in European markets for Biaxplen.

The partners aim to share best practises in terms of R&D, sales and marketing, production and technical support. In addition, the Russian petrochemicals giant will engage its Skolkovo-based R&D center, PolyLab, to develop new products.

Commenting on the deal, Manucor’s CEO Luigi Scagliotti, said “This transaction will allow Manucor and Biaxplen to expand and complete their product portfolio, extend geographic coverage and commercial presence, given the complementary location of the production sites, and expand and share R&D capabilities.”

In May 2018, Pillarstone, a platform established by private equity group KKR, took control of Manucor in a debt restructuring deal.

Biaxplen is Russia’s leading producer of BOPP films and also regards itself as the second largest producer in Europe. It operates five production sites in Russia: Novokuybyshevsk, Kursk, Balakhna, Zheleznodorozhniy and Tomsk with a total production capacity of 180,000 t/y.